Finance Act 2021
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Banking levies modernisation | ||
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61. (1) The Principal Act is amended— | ||
(a) in section 123B— | ||
(i) in subsection (1), by the insertion of the following definition: | ||
“ ‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997 ;”, | ||
(ii) in subsections (2) and (2B), by the deletion of “in writing”, and | ||
(iii) by the insertion of the following subsection after subsection (12): | ||
“(13) Any statement required to be delivered to the Commissioners pursuant to subsection (2) or (2B), as the case may be, shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.”, | ||
(b) by the insertion of the following section after section 123C: | ||
“Bills of Exchange | ||
123D. (1) In this section— | ||
‘credit institution’ and ‘financial institution’ have the same meanings respectively as they have in the European Union (Capital Requirements) Regulations 2014; | ||
‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997 ; | ||
‘processed’, in relation to an instrument that is a bill of exchange, means a bill of exchange that has been presented for payment and has been paid; | ||
‘promoter’ means a credit institution or a financial institution; | ||
‘relevant bill of exchange’ means a bill of exchange drawn on an account in the State maintained by a promoter but does not include the following: | ||
(a) a draft or order drawn by any promoter in the State on any other promoter in the State, not payable to bearer or to order, and used solely for the purpose of settling or clearing any account between such promoters; | ||
(b) a letter written by a promoter in the State to any other promoter in the State, directing the payment of any sum of money, the same not being payable to bearer or to order, and such letter not being sent or delivered to the person to whom payment is to be made or to any person on such person’s behalf; | ||
(c) a draft or order drawn by the Accountant of the Courts of Justice; | ||
(d) a coupon or warrant for interest attached to and issued with any security, or with an agreement or memorandum for the renewal or extension of time for payment of a security; | ||
(e) a coupon for interest on a marketable security being one of a set of coupons whether issued with the security or subsequently issued in a sheet; | ||
(f) direct debits and standing orders; | ||
(g) a bill drawn on or on behalf of the Minister by which payment in respect of prize bonds is effected. | ||
(2) A promoter shall, within one month of the end of each year, commencing with the year 2024, deliver to the Commissioners a statement showing the number of relevant bills of exchange processed in the year. | ||
(3) On the first occasion of a promoter delivering a statement to the Commissioners under subsection (2), the promoter may elect that the first statement and all subsequent statements shall show the number of relevant bills of exchange issued in the year rather than the number of relevant bills of exchange processed in the year. | ||
(4) Where an election is made by a promoter under subsection (3), each statement delivered by the promoter under subsection (2) shall— | ||
(a) indicate that the election has been made, and | ||
(b) show the number of relevant bills of exchange issued in the year rather than the number of relevant bills of exchange processed in the year. | ||
(5) Stamp duty shall be charged on every statement delivered by a promoter under subsection (2) at the rate of €0. 50 for each relevant bill of exchange shown on the statement. | ||
(6) The duty charged by subsection (5) on a statement delivered by a promoter under subsection (2) shall be paid by the promoter on delivery of the statement. | ||
(7) There shall be furnished to the Commissioners by a promoter such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the promoter. | ||
(8) In the case of failure by a promoter to pay any duty required to be paid in accordance with this section, the promoter shall be liable to pay, in addition to the duty, interest on the duty, calculated in accordance with section 159D, for the period commencing on the date it was required to be paid and ending on the date on which the duty was paid. | ||
(9) A statement required to be delivered to the Commissioners under subsection (2) shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.”, | ||
(c) in section 124— | ||
(i) in subsection (1)— | ||
(I) in paragraph (a)— | ||
(A) by the substitution of the following definition for the definition of “chargeable period”: | ||
“ ‘chargeable period’ means— | ||
(i) the 12 month period ending on 1 April 2006 and each subsequent 12 month period ending with the period ending on 1 April 2023, | ||
(ii) the period commencing on 2 April 2023 and ending on 31 December 2023, and | ||
(iii) each subsequent 12 month period beginning with the period ending on 31 December 2024;”, | ||
and | ||
(B) by the deletion of the definition of “relevant period”, | ||
(II) in paragraph (b)— | ||
(A) by the substitution of “within 3 months of the end of a chargeable period referred to in subparagraph (i) of the definition of ‘chargeable period’ in paragraph (a) and within one month of the end of a chargeable period referred to in subparagraph (ii) or (iii) of that definition” for “within 3 months of the end of each relevant period”, and | ||
(B) by the deletion of “in writing”, | ||
(III) in paragraph (c), by the substitution of “at the rate of €22.50 for the chargeable period referred to in subparagraph (ii) of the definition of ‘chargeable period’ in paragraph (a) and at the rate of €30 for a chargeable period referred to in subparagraph (i) or (iii) of that definition” for “at the rate of €30”, and | ||
(IV) by the substitution of “chargeable period” for “relevant period” in each place where it occurs, | ||
(ii) in subsection (2)— | ||
(I) in paragraph (a)— | ||
(A) by the substitution of the following definition for the definition of “chargeable period”: | ||
“ ‘chargeable period’ means— | ||
(i) the 12 month period ending on 1 April 2006 and each subsequent 12 month period ending with the period ending on 1 April 2023, | ||
(ii) the period commencing on 2 April 2023 and ending on 31 December 2023, and | ||
(iii) each subsequent 12 month period beginning with the period ending on 31 December 2024;”, | ||
and | ||
(B) by the deletion of the definition of “relevant period”, | ||
(II) in paragraph (b)— | ||
(A) by the substitution of “within 3 months of the end of a chargeable period referred to in subparagraph (i) of the definition of ‘chargeable period’ in paragraph (a) and within one month of the end of a chargeable period referred to in subparagraph (ii) or (iii) of that definition” for “within 3 months of the end of each relevant period”, and | ||
(B) by the deletion of “in writing”, | ||
(III) in paragraph (c), by the substitution of “at the rate of €22.50 for the chargeable period referred to in subparagraph (ii) of the definition of ‘chargeable period’ in paragraph (a) and at the rate of €30 for a chargeable period referred to in subparagraph (i) or (iii) of that definition” for “at the rate of €30”, and | ||
(IV) by the substitution of “chargeable period” for “relevant period” in each place where it occurs, | ||
(iii) in subsection (5), by the substitution of the following paragraph for paragraph (a): | ||
“(a) In this subsection, ‘due date’ means— | ||
(i) in relation to a statement required to be delivered pursuant to subsection (1)(b), the date on which the chargeable period to which the statement relates ends, and | ||
(ii) in relation to a statement required to be delivered pursuant to subsection (2)(b), the date on which the chargeable period to which the statement relates ends.”, | ||
and | ||
(iv) by the insertion of the following subsection after subsection (7): | ||
“(8) (a) In this subsection, ‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997 . | ||
(b) Any statement required to be delivered to the Commissioners pursuant to subsection (1)(b) or (2)(b), as the case may be, shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.”, | ||
and | ||
(d) in Schedule 1, by the deletion of the following Headings and the provisions and cross-references under those Headings: | ||
(i) “BILL OF EXCHANGE”, | ||
(ii) “CHEQUE”, | ||
(iii) “DRAFT for money”, and | ||
(iv) “ORDER for the payment of money”. | ||
(2) Sections 123C and 124A of the Principal Act are repealed. | ||
(3) Notwithstanding the repeals effected by subsection (2)— | ||
(a) section 123C of the Principal Act shall continue to apply in respect of a statement required to be delivered under subsection (3) of that section not later than 15 December 2022, and | ||
(b) section 124A of the Principal Act shall continue to apply in respect of a statement required to be delivered under subsection (3) of that section not later than 15 December 2022. | ||
(4) Subsections (1) to (3) shall come into operation on such day as the Minister may appoint by order. |